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Maybe most of you already know this....but you can get cash over your purchase total when using your Discover card! No fees involved and APR is your regular purchasing APR.
Very cool feature, IMO!
You can do this with Walmart as well.
Dang, I thought it would be considered a cash advance. Good to know.
Yep. I use this all the time when on vacation or travelling for work and I need cash. My checking account is with a local bank, so there are no ATMs outside of my state. I just go in a grocery store and buy some ibuprofen or something else I'll need on the trip, then get $60 cash over. You get the normal grace period, plus your purchase APR rate. This is one reason Discover is my primary card. The others are competitive rewards program, and the best customer service, IMO.
So far, for my level of spending, I'm finding that their rewards program is unmatched for gift cards and travel "coupons".
I might have to start spending a little more on it instead of the BCE.
Follow my financial journey: http://www.frugalrican.com
@FrugalRican wrote:So far, for my level of spending, I'm finding that their rewards program is unmatched for gift cards and travel "coupons".
I might have to start spending a little more on it instead of the BCE.
I always chose the card in my wallet with the highest reward for the purchase I are making. What is best will change quarterly as the catagories change on Discover and Freedom (and Citi, etc...) The problem with DM is the $3000 level you need to get to 1%. They only get my bonus spending. Amex and Freedom give me 1% right away.
For me, groceries are ALWAYS BCP for 6% (no cap)
Gas is 5% when it is the category for Discover or Freedom -or- 3% on BCP when it is not.
Restaurants on DM or Freedom when 5% promo, AMEX gold when no promo available
Hyatt on Hyatt
and so on, and so on....
Spending with no special bonus rewards goes wherever I want to accumulate points the most at the moment. I drive DH crazy telling him what card for what and then changing the rules every three months.
@crunching_numbers wrote:Spending with no special bonus rewards goes wherever I want to accumulate points the most at the moment. I drive DH crazy telling him what card for what and then changing the rules every three months.
Ah yes, the "look of death". I get that too.
"No, you use the Discover, we're at a restaurant and it's 5% cashback."
*GLARE*
Follow my financial journey: http://www.frugalrican.com
Is there a cap on the cashback on top? Do you get points for it?
The cap on the cash back is different at every merchant. $60 is the max at any of them although some have been reported to be lower. Not sure what Discovers daily / statement limit is. You would need to check their website. And no you do not earn bonus cash or count towards spend requirement for this. It will show on your statement as two separate lines purchase and cash over. But like noted previously it is at your purchase APR and I do believe you get the same grace period. So PIF and no extra cost.
^ Bummer. I was going to lever up and run a month-to-month carry trade. Not worth it with the $60 cap though. Still a cool feature for Discover card users.